Permira’s A$1.3 billion acquisition of I-MED Radiology Network from EQT

Global investment firm Permira today announced that a company backed by the Permira funds has signed a definitive agreement to acquire I-MED Radiology Network (“I-MED”), the largest provider of diagnostic imaging services in Australia from EQT Mid Markets funds and other existing shareholders.

Formed in 2000 from the combination of I-MED, DCA and MIA, I-MED is Australia’s largest medical imaging clinic Group, which via a process of internal growth and acquisitions reached c.A$700m revenue in 2017. I-MED operates over 200 clinics throughout Australia covering major metropolitan areas and significant parts of rural Australia. Each year more than 4 million patient procedures are performed by I-MED’s more than 300 radiologists, 50 nuclear medicine specialists, and 3,500 staff.

EQT, together with its co-investors GIC and Caisse de dépôt et placement du Québec, acquired I-MED in April 2014. During EQT’s ownership, the I-MED business experienced substantial organic growth, increased scale through multiple add-on acquisitions and invested significantly in new equipment and technology. The sale of I-MED to Permira is reflective of EQT’s positive contributions to the I-MED business throughout its ownership.

Herbert Smith Freehills has advised global private equity firm EQT on the sale with a corporate team led by partner Mark Currell (picture), supported by executive counsel Nicole Backhouse, senior associates Jacob Kahwaji and Adam Charles, and solicitors Rebekah Lam and Jill Davis. Partner Hayley Neilson led the finance aspects of the transaction with the support of senior associates John Erbacher and Nikki Smythe.

Permira was advised by Latham & Watkins and Clayton Utz.

Involved fees earner: Mark Currell – Herbert Smith Freehills; Nicole Backhouse – Herbert Smith Freehills; Jacob Kahwaji – Herbert Smith Freehills; Adam Charles – Herbert Smith Freehills; Rebekah Lam – Herbert Smith Freehills; Jill Davis – Herbert Smith Freehills; Hayley Neilson – Herbert Smith Freehills; John Erbacher – Herbert Smith Freehills; Nikki Smythe – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: EQT Partners;

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Author: Michael Patrini